PhonePe, one of India's leading digital payments platform, has demonstrated its strength in the merchant payments ecosystem, serving 47.19 million registered merchants,and having processed 24.96 billion merchant transactions with a total merchant transaction value of Rs 8.51 trillion in the 6 months ending Septemeber 30 2026, according to its Draft Red Herring Prospectus (DRHP).The company says, PhonePe's merchant platform has achieved significant scale and engagement, with Daily Active Merchants (DAM) as a percentage of Monthly Active Merchants (MAM) reaching 60.77% as of September 2025, up from 44.18% in March 2023.
This, the company says demonstrates strong merchant retention and daily usage of the platform. Transactions per Monthly Active Merchant (TPAM) have more than doubled from 147.87 in March 2023 to 379.16 in September 2025, reflecting deepening merchant engagement and growing transaction volumes across the platform.
PhonePe has multiple offerings for offline merchants across diverse categories including grocery, food, lifestyle, fuel, and utilities.
PhonePe Smartspeaker: Addresses a critical challenge faced by high-traffic retail environments by providing instant audio payment confirmations in multiple languages, including celebrity voices like Amitabh Bachchan. The device enables real-time payment tracking without requiring merchants to constantly check their phones, ensuring staff accountability and reducing payment disputes.
PhonePe EDC Machine: delivers an all-in-one payment acceptance solution, supporting UPI, Credit and Debit Cards, PhonePe Wallet, and RuPay Credit cards on UPI. With multiple payment modes including card swipe, EMV chip, tap-and-pay, and dynamic QR, the device offers customers payment flexibility while simplifying reconciliation for merchants.
Billing POS Integrated Solutions: seamlessly connect with existing billing software and invoicing systems, particularly benefiting high-volume retail environments by reducing errors and simplifying reconciliation processes.
The company say, PhonePe Payment Gateway provides online merchants with a robust platform featuring instant onboarding, developer-friendly APIs, and support for multiple payment instruments including UPI, cards, netbanking, RuPay Credit Cards on UPI, and PhonePe Wallets.
Key features include one-time and recurring payment options through UPI AutoPay, device tokenization for faster checkout experiences, and payment flexibility through Payment Links and Dynamic QR Codes. The gateway serves merchants across retail, travel, food, financial services, government platforms, and utilities.
According to the company, the PhonePe Business App and Web Platform offers end-to-end payment management capabilities with self-onboarding, real-time transaction and settlement information, and a helpdesk for merchant queries and issue resolution. The platform provides multilingual support in up to 11 languages and enables merchants to manage staff with customizable access rights.
Small merchants benefit from innovative features like on-demand settlements for better cash flow management. Eligible merchants also gain access to digital loans from various lenders through a streamlined, paperless process via the PhonePe Business app, with options to apply for and manage loans directly through the platform.
PhonePe's merchant payment solutions are part of the broader PhonePe Group, which includes consumer payments, lending, and insurance verticals, alongside new platforms such as share.market and Indus Appstore. The company serves 657.56 million registered users with 53.40 billion customer transactions totaling Rs 73.70 trillion in customer transaction value.
